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AAM to Present at the 2021 Bank of America Auto Summit on March 31
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We Might See A Profit From American Axle & Manufacturing Holdings, Inc (NYSE:AXL) Soon
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American Axle reports improved Q4 earnings, lousy 2020 results
COVID-19 and customer stoppages impacted Q4, full-year sales
Net loss of $561.3 million in 2020
American Axle & Manufacturing is based in Detroit.
American Axle & Manufacturing Holdings Inc. (NYSE: AXL) joins many of its auto supplier peers in outperforming expectations during the fourth quarter but falling well short on the year.
The Detroit-based supplier reported net income of $36 million, a substantial increase over a loss of $454 million in during Q4 in 2019. The 2019 loss was attributed to a pretax goodwill impairment of $440 million and a $52 million impact from the UAW strike at American Axle s largest customer, General Motors.
AAM Reports Fourth Quarter and Full Year 2020 Financial Results
AAM Concludes A Strong Second Half of 2020 With Solid Fourth Quarter Financial Performance
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DETROIT, Feb. 12, 2021 /PRNewswire/ American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) today reported its financial results for the fourth quarter and full year 2020. AAM also provided its full year 2021 financial outlook and 2021-2023 new business backlog.
Fourth Quarter 2020 Results
Adjusted EBITDA of $261.5 million, or 18.2% of sales
Diluted earnings per share of $0.30; Adjusted earnings per share of $0.51
Net cash provided by operating activities of $208.3 million; Adjusted free cash flow of $172.7 million
Israeli Startup REE Plans Merger With 10X Capital SPAC
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